Set off
This query is : Resolved
12 June 2009
Sir, can anyone please tell me is it possible to set off loss from PGBP with royalty and Lottery income? Can loss from PGBP, HP, Salary be sett off against Casual incomes? Please help. In one particular sum they have not sett offed loss from PGBP, though Royalty and Lottery incomes are there can you please tell me why??
Aditya Maheshwari
(Expert)
12 June 2009
It must have been speculation loss from business so it has not been set off against royalty otherwise generally it can be set off against royalty but not lottery winnings.
12 June 2009
Thank you mam. So Casual incomes are not to be used for setting off losses from any other sources. Is it not mam?
CA Nitin Wadhwani
(Expert)
13 June 2009
Yes.
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